KEY HIGHLIGHTS
FPIs Turn Net Buyers After Three Days
Overseas investors turned net buyers of Indian equities on Thursday after three consecutive sessions of selling.
Foreign portfolio investors mopped up stocks worth Rs 3,568.1 crore, according to provisional data from the National Stock Exchange.
Domestic institutional investors turned sellers and offloaded equities worth Rs 230.2 crore, the NSE data showed.
Foreign institutions have been net sellers of Rs 24,205 crore worth of Indian equities so far in 2024, according to data from the National Securities Depository Ltd., updated till the previous trading day.
The S&P BSE Sensex closed 195.42 points, or 0.27% higher at 72,500.30, while the NSE Nifty 50 advanced 31.65 points, or 0.14% to end at 21,982.80.
Yield On The 10-Year Bond Ends Flat
The yield on the 10-year bond closed flat at 7.08%.
Source: Bloomberg
Rupee Closes Stronger Against U.S. Dollar
The local currency strengthened by 2 paise to close at 82.91 against the U.S. Dollar.
It closed at 82.93 on Wednesday.
Source: Bloomberg
Sensex, Nifty End Choppy Session Higher: Closing Bell
The benchmark indices ended the choppy session higher on Thursday, ahead of the GDP announcement. The gains in the session were led by ICICI Bank Ltd. and Reliance Industries Ltd.
The S&P BSE Sensex closed 195.42 points, or 0.27%, higher at 72,500.3, while the NSE Nifty 50 advanced 31.65 points, or 0.14%, to end at 21,982.8.
During the day, the Sensex rose as much as 0.59% to 72,730, while the Nifty declined 0.50% to 20,060.55.
Domestic benchmark traded near a flat-line trend throughout the session, but some buoyancy emerged by the end of the day, according to Vinod Nair, Head of Research, Geojit Financial Services. "Investors adopted a cautious wait and watch approach on the verge of a heavy economic data week."
Stocks in the Asia-Pacific region closed on a mixed note, with the Nikkei 225 closing 0.11% lower and S&P ASX 200 ending 0.5% higher.
Meanwhile, Bitcoin breached the $63,000 mark on Thursday as it rose as much as 5.52%. The S&P 500 Index and Nasdaq Composite fell by 0.17% and 0.55%, respectively on Wednesday. The Dow Jones Industrial Average fell by 0.06%.
Brent crude was trading 0.47% lower at $83.29 a barrel. Gold was flat at 2,035.57 an ounce.
At the lower end, crucial support is positioned at 21,950 for Nifty, according to Rupak De, Senior Technical Analyst, LKP Securities. "As long as the index maintains a position above 21950, there is a possibility of witnessing a recovery. Nevertheless, a decline below 21950 could potentially lead the index towards 21800."
Shares of Reliance Industries Ltd., ICICI Bank Ltd., State Bank of India, Mahindra and Mahindra Ltd., and Maruti Suzuki India Ltd. advanced the most on the Nifty 50.
Bajaj Auto, Apollo Hospitals Ltd., Hindustan Unilever Ltd., ITC Ltd., and Eicher Motors Ltd. weighed the index.
On BSE, 19 sectors out of 20 ended higher, and one lower. The S&P BSE Services index rose 1.46% to become the best-performing sector, while the S&P BSE Healthcare index fell 0.68% to become the worst performer.
Nifty Media is the only sector to decline on the NSE, while Nifty PSU Bank and Nifty Metal gained the most by 1.83% and 1.39%, respectively.
Broader markets outperformed benchmark indices. The S&P BSE Midcap index was 0.84% higher, and S&P BSE Smallcap ended 0.50% higher.
Market breadth was skewed in favour of buyers. Around 1,947 stocks rose, 1,841 stocks fell, and 121 remained unchanged on BSE.
India Q3 GDP has a moderate outlook on a QoQ basis, Vinod Nair said. "The U.S. personal consumption expenditure price index is due to provide a clue on the future interest rate cut path and China’s PMI index is scheduled to be released Friday."
Andhra Cements Promoter Cuts Stake In Company
Promoter Sagar Cements sells 5% stake via an offer for sale.
The promoter's stake in the company reduced to 90% from 95% earlier.
Source: Exchange Filing
Citi on Infosys
Maintains 'Neutral' on Infosys, with an increase in target price to Rs 1,735 apiece
Target multiple based on broader rerating in the Indian market and sector.
PE is an appropriate measure given the profitability record and higher earnings visibility.
Key downside risks: a prolonged slowdown in the US and European economy; pressure on billing rates; and immigration reform.
Updater Services Has 16.7 Lakh Shares Change Hands In Large Trade
Updater Services Ltd had 16.7 lakh shares or 2.5% equity changed hands in a large trade.
Buyers and sellers are not known immediately.
Source: Bloomberg
Jaiprakash Associates's 5.8% Equity Change Hands
Jaiprakash Associates Ltd has 5.8% equity change hands in multiple large trades.
Source: Bloomberg
IDFC First Bank Has 1.82 Crore Shares Change Hands In Large Trade
IDFC First Bank Ltd had 1.82 crore shares or 0.3% equity changed hands in a large trade.
Buyers and sellers are not known immediately.
Source: Bloomberg
Axis Bank Has 37.2 Lakh Shares Change Hands In Large Trade
Axis Bank had 37.2 lakh shares or 0.1% equity changed hands in a large trade.
Buyers and sellers not known immediately.
Source: Bloomberg
Piramal Enterprises Has 19.8 Lakh Shares Change Hands In Large Trade
Piramal Enterprises Ltd's 19.8 lakh shares or 1% equity changed hands in a large trade.
Buyers and sellers are not known immediately.
Source: Bloomberg
SBI Life Has 20.8 Lakh Shares Change Hands In Large Trade
SBI Life Insurance Company had 20.8 lakh shares or 0.2% equity changed hands in a large trade.
Buyers and sellers are not known immediately.
Source: Bloomberg
Mainboard IPO Update
Platinum Industries Day 3
Qualified Institutional Buyers - 17.60 times.
Non-Institutional Investors - 106.92 times.
Retail Individual Investors - 41.45 times.
Total - 48.66 times.
Exicom Tele-Systems IPO Day 3
Qualified Institutional Buyers - 25.29 times.
Non-Institutional Investors - 117.75 times.
Retail Individual Investors - 96.10 times.
Total - 61.40 times.
Mukka Proteins IPO Day 1
Qualified Institutional Buyers - Nil.
Non-Institutional Investors - 0.65 times or 65%.
Retail Individual Investors - 2.17 times.
Total - 1.23 times. (Fully subscribed on day 1)
Here's How The Markets Are Performing At 2:00 P.M.
Global Cues As Of 1:55 P.M.
U.S. Dollar Index at 103.85
U.S. 10-year bond yield at 4.28%
Brent crude down 0.57% at $83.20 per barrel
Nymex crude down 0.39% at $78.23per barrel
Bitcoin was up 3.82% at $62,865.98
Top Stories This Hour
Sony Is Said To Have Withdrawn Its India Merger Pact With Zee
Healthcare Stocks Fall After Supreme Court Asks Government To Standardise Hospital Charges
SEBI Caution On Small- And Mid-Cap Funds May Drive Flows Into Large Caps
Domestic Flows To Counter Any Likely Market Correction, Says Jefferies
Airtel Will Lead Tariff Hikes To Maintain Healthy Valuations, Says Sunil Mittal — Exclusive
Get up-to-date details on markets and all business news here.
NBCC Bags Order Worth Rs 459.7 Crore From Maharashtra Government
NBCC (India) Ltd. received an order worth Rs 459.7 crore from the Maharashtra government for hospitals.
Source: Exchange filing
Adani Enterprises To Acquire 50.02% Stake In Semolina Kitchens
The Adani Group company will acquire a 50.02% stake in Semolina Kitchens for food and beverage and lounge business.
Semolina will become a step-down subsidiary of the company.
Source: Exchange filing
Bank Of India Has 35 Lakh Shares Change Hands
About 35 lakh shares or 0.1% equity of Bank of India Ltd. changed hands at Rs 130.5 apiece.
Buyers and sellers not known immediately.
Source: Bloomberg
NLC India Has 50.4 Lakh Shares Change Hands
About 50.4 lakh shares or 0.4% equity of NLC India Ltd. changed hands at Rs 218.5 apiece in a large trade.
Buyers and sellers not known immediately
Source: Bloomberg
Nifty Flat, Sensex Little Changed Amid Profit-Taking: Midday Market Update
Indian benchmark equity indices were largely unchanged through midday on Thursday, amid profit-taking. Reliance Industries Ltd. led the gains.
At 11:50 a.m., the NSE Nifty 50 was trading flat at 21,950.35, and the S&P BSE Sensex was up 74.55 points, or 0.10%, at 72,379.44.
The market is seeing a corrective pattern as it is under profit-taking, according to Shrikant Chouhan, executive vice president and head of equity research at Kotak Securities Ltd.
On the downside, 21,800–21825 is going to act as support with a tight stop-loss of 21,700 for intraday, Chouhan said. Meanwhile, 22,075 and 22,100 will be the resistance for the market.
Vineet Boljinkar, head of research at Ventura Securities Ltd., expects the market to trend down. Factors creating pressure include tax sales in March and increased FII sales, he said.
Shares of ICICI Bank Ltd., Mahindra & Mahindra Ltd., Maruti Suzuki India Ltd., Reliance Industries Ltd., and Tata Consumer Products Ltd. were positively contributing to the Nifty.
While those of Axis Bank Ltd., Apollo Hospitals Enterprises Ltd., Bajaj Auto Ltd., HDFC Bank Ltd. and Tata Motors Ltd. were weighing on the index.
On NSE, most sectoral indices were lower, with Nifty Media losing the most. Nifty Metal, Nifty Auto, and Nifty FMCG rose.
The broader markets traded mixed, with the S&P BSE MidCap trading flat, whereas S&P BSE SmallCap was 0.3% lower by midday on Thursday.
Nine of the 20 sectors compiled by BSE advanced, while 11 sectors declined. S&P BSE Services rose the most.
The market breadth was skewed in the favour of sellers, with 2,281 stocks falling, 1,362 rising and 138 remaining unchanged.
Bitcoin Breaches The $63,000 Mark
Bitcoin rose as much as 5.12% during the day to Rs 63,649.53 apiece and later pared gains to trade 3.62%% higher at Rs 62,741.13 apiece.
Zee Shares Fall After Reports Of Sony Withdrawing Its Merger Pact
Sony Group Corp. is said to have withdrawn the agreement to merge its India operations with Zee Entertainment Enterprises Ltd. from National Company Law Tribunal on Thursday.
The Japanese entertainment firm made multiple filings to NCLT on to pull out of the merger pact with Zee, people familiar with the situation told Bloomberg.
Zee's stock fell as much as 4.63% during the day to Rs 154.75 apiece on the NSE. It was trading 3.06% lower at Rs 175.05 apiece, compared to a 0.01% decline in the benchmark Nifty 50 as of 01:02 a.m.
It has fallen 19.71% in the last 12 months. The total traded volume so far in the day stood at two times its 30-day average. The relative strength index was at 36.
Two out of the 22 analysts tracking Zee have a 'buy' rating on the stock, as many as four recommend a 'hold' and 16 suggest a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 12.6%.
AI Stocks: Right Time To Invest?
PPFAS Mutual Fund’s Raunak Onkar and Germinate Investor Services’ Santosh Joseph share their insights, in a conversation with NDTV Profit's Tamanna Inamdar on ‘The Mutual Fund Show’.
Lumax Auto Has 28.6 Lakh Shares Change Hands
About 28.6 lakh shares or 4.2% equity of Lumax Auto Technologies Ltd. changed hands in a large trade at Rs 450.25 apiece.
Buyers and sellers not known immediately.
Source: Bloomberg
SEBI Caution On Small- And Mid-Cap Funds May Drive Flows Into Large Caps
The market regulator's advisory asking mutual funds to protect investor interest amid "froth" building up in small and mid-caps will make investors assess risks and drive more flows into large caps, according to market participants.
This initiative will prompt individuals to contemplate the risks associated with this sector, according to Balasubramanian, managing director and chief executive officer at Aditya Birla Sun Life AMC Ltd. "SEBI is actively monitoring and endeavouring to enhance the risk management practices."
Read more here.
Paytm: SoftBank Cuts Stake To 2.83% From 5.01% Earlier
SoftBank affiliate SVF India Holdings cuts stake in One 97 Communications to 2.83% from 5.01% earlier.
SVF India Holdings cut stake between Jan. 23 and Feb. 26 via open market operations, according to an exchange filing.
Shares of Paytm hit 5% lower circuit in early trade on Thursday after SoftBank affiliate SVF India Holdings Ltd reduced its stake in the company.
GMR Airports has 10.3 lakh shares change hands
About 10.3 lakh shares or 0.02% equity changed hands in a large trade at Rs 83.95 apiece.
Buyers and sellers were not known immediately.
Jubilant Foodworks Has 12.2 Lakh Shares Change Hands
About 12.2 lakh shares or 0.2% equity changed hands in a large trade
Buyers and sellers not known immediately
Source: Bloomberg
Mainboard IPO Update
Platinum Industries Day 3
Qualified Institutional Buyers - 1.01 times.
Non-Institutional Investors - 74.35 times.
Retail Individual Investors - 34.49 times.
Total - 33.47 times.
Exicom Tele-Systems IPO Day 3
Qualified Institutional Buyers - 4.58.
Non-Institutional Investors - 84.66 times.
Retail Individual Investors - 80.81 times.
Total - 38.43 times.
Mukka Proteins IPO Day 1
Qualified Institutional Buyers - Nil.
Non-Institutional Investors - 0.33 times.
Retail Individual Investors - 1.07 times.
Total - 0.61 times.
Hospital Stocks Lose Rs 12,000 Crore In Market Cap After Supreme Court Rap
Shares of hospital chains tumbled on Thursday as sentiment turned negative after the Supreme Court asked the Union government to address the discrepancy in healthcare charges.
Under the Clinical Establishment Rules, the apex court asked the central government to take immediate action and determine fees chargeable to patients, according to media reports.
The disparity between charges for various healthcare treatment in government and private hospitals came into the Supreme Court's attention after a public interest litigation was filed by an NGO, Veterans Forum for Transparency in Public Life.
Following Supreme Court's observation, healthcare stocks declined, with Max Healthcare Institute Ltd. plunging as much as 8.85% to become the top loser among its peers.
During the day, Apollo Hospitals Enterprise Ltd. and Fortis Healthcare Ltd. declined 2.83% and 2.54% respectively on Thursday.
Bajaj Auto Shares Falls Over 3% As Stock Turns Ex-Date For Buyback
Shares of Bajaj Auto Ltd. fell over 3% on Thursday after it turned ex-date for the buyback.
The company has fixed Feb. 29 as the record date for the Rs 4,000 crore share buyback.
On Feb. 16, Bajaj Auto approved a buyback of 1.41% equity shares for an aggregate amount of Rs 4,000 crore through a postal ballot. The company's board approved the buyback of 40 lakh shares for a price not exceeding Rs 10,000 per share through the tender offer route.
Bajaj Auto bought back shares worth Rs 2,500 crore in July 2022 through the open market.
Bajaj Auto stock fell as much as 3.16% during the day to Rs 7,930 apiece on the NSE. It was trading 2.92% lower at Rs 7,949.25 apiece, compared to a 0.01% advance in the benchmark Nifty 50 as of 11:37 a.m.
It has risen 117.12% in the last 12 months. The total traded volume so far in the day stood at 2.1 times its 30-day average. The relative strength index was at 50.
21 out of the 45 analysts tracking Bajaj Auto have a 'buy' rating on the stock, as many as 12 recommend a 'hold' and another 12 suggest a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 6.8%.
Max Healthcare Shares Tank Neary 9%
Max Healthcare Institute Ltd fell as much as 8.85% to Rs 776.15 apiece, the lowest level since Feb 5. It was trading 6.64% lower at Rs 794.50 apiece, as of 11:10 a.m. This compares to a 0.21% decline in the NSE Nifty 50 Index.
It has risen 86.29% in 12 months. Total traded volume so far in the day stood at 0.98 times its 30-day average. The relative strength index was at 44.60.
Out of 16 analysts tracking the company, 12 maintain a 'buy' rating, two recommend a 'hold,' and two suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 4.4%.
Top Stories This Hour
Airtel Will Lead Tariff Hikes To Maintain Healthy Valuations, Says Sunil Mittal — Exclusive
Reliance-Disney Merger Is All About Cricket, Offers No Valuation Upside
Large Caps Are Reasonably Valued, Not Expensive, Says Franklin Templeton's Ajay Argal
India GDP Preview: Economists Expect Resilient Economy To Grow 6.6% In Q3, 7% In FY24
Get up-to-date details on markets and all business news here.
The Editors' Cut: Will The Competition Intensify In Paints?
Here's How The Markets Are Performing At 11:00 A.M.
Global Cues As Of 11:55 A.M.
U.S. Dollar Index at 103.86
U.S. 10-year bond yield at 4.28%
Brent crude down 0.07% at $83.62 per barrel
Nymex crude down 0.08% at $78.48 per barrel
Bitcoin was up 2.36% at $61,978.25
IndusInd Bank On Track To Improve Liability Franchise, Asset Quality, Says Macquarie
IndusInd Bank Ltd. expects slippages to normalise in the next one or two quarters, according to Macquarie. The bank is showing improvement on the net interest margin front in the quality of the liability franchise, it said after meeting with the lender's management.
The management expects the liquidity pressure that is hampering resource mobilisation to ease after a rate cut that is expected in the second half of the next fiscal. This, in turn, will help narrow the gap between loan and deposit growth, the brokerage said.
Read more here.
Jio Financial Shares Rise Over 4% On Nifty Next 50 Inclusion
Jio Financial Services Ltd. shares rose over 4% on Thursday after the National Stock Exchange said it will be included in the Nifty Next 50 from March 28.
The index will, from March 28, include Adani Power Ltd., Indian Railway Finance Corp., Jio Financial Service Ltd., Power Finance Corp. and REC Ltd.
The index will exclude Adani Wilmar Ltd., Muthoot Finance Ltd., PI Industries Ltd., Procter & Gamble Hygiene & Health Care Ltd. and Shriram Finance Ltd.
Shares of Jio Financial Services rose as much as 4.44%, the highest level since Feb. 28, before paring gains to trade 3.32% higher at 10:04 a.m. This compares to a 0.26% advance in the NSE Nifty 50.
The stock has risen 27.88% in six months. Total traded volume so far in the day stood at 1.7 times its 30-day average. The relative strength index was at 66.38.
The one analyst tracking the company maintains a 'buy' rating, according to Bloomberg data. The average 12-month analysts' price target implies a downside of 8.9%.
Venus Pipes Hits Lifetime High On Foray Into Fittings Business; Capacity Expansion
Shares of Venus Pipes and Tubes Ltd. jumped to hit its lifetime high today after the company announced its foray into fittings business as well as capacity expansion for Seamless & Welded Pipes & Tubes.
Shares of Venus Pipes and Tubes Ltd. jumped to hit its lifetime high today after the company announced its foray into fittings business as well as capacity expansion for Seamless & Welded Pipes & Tubes.
The second phase constitutes of fittings, seamless & welded pipes & tubes which is to be completed by December 2025 and will cost Rs 60 crore, according to the filing.
The scrip rose as much as 8.83% to Rs 1,889 apiece, its highest level. It pared gains to trade 5.6% higher at Rs 1,883.20 apiece, as of 10:41 a.m. This compares to a 0.33% decline in the NSE Nifty 50 Index.
It has risen 154.17% in the last twelve months. Total traded volume so far in the day stood at 12 times its 30-day average. The relative strength index was at 75.24, indicating that the stock may be overbought.
Six analysts tracking the company have a buy rating for the stock, according to Bloomberg data. The average 12-month consensus price target implies a downside of 2.5%.
Suzlon Energy Bags Order For 3 MW Series From EDF Renewables
Suzlon Energy Ltd. received 30 MW order for 3 MW series from EDF Renewables.
The company will supply 10 wind turbines with a rated capacity of 3 MW each.
Electricity generated to be supplied to Gujarat Urja Vikas Nigam.
Source: Exchange filing
Media Stocks Decline In Trade
Shares of major media companies declined on Thursday after a major deal was signed between Reliance Industries media subsidiary and Walt Disney Co.'s India unit.
TV18 Broadcast Ltd., the media unit of Reliance Group, hit a low circuit of 4.95% to Rs 59.55 apiece, the lowest level since Feb 19. Shares of Network 18 Media fell the most, while DB Corp Ltd., Zee Entertainment Enterprises Ltd., and Dish TV India Ltd. declined over 1%.
JSW Infrastructure Jumps Over 4% As Motilal Oswal Initiates 'Buy' Call
Shares of JSW Infrastructure jumped over 4% on Thursday after Motilal Oswal initiated a 'Buy' call on the company.
Motilal Oswal has a price target of Rs 300 per share, implying a 22% upside. The brokerage said that this is the fastest-growing port infrastructure company with focus on increasing market share.
Motilal Oswal On JSW Infrastructure
Cargo volumes increased by 42.7% CAGR to 92.8 MMT over FY21-23
Strengthening market presence to lead 19% volume CAGR over FY23-36
Expect overall Ebitda margin at 53-55% vs 50% over the past three years
Sees cash flow generation to remain strong despite acquisitions.
JSW Infrastructure's stock rose as much as 4.03% during the day to Rs 256.85 apiece on the NSE. It was trading 1.86% higher at Rs 251.5 apiece, compared to a 0.27% decline in the benchmark Nifty 50 as of 10:23 a.m.
It has risen 59.2% in the last 12 months. The total traded volume so far in the day stood at 1.7 times its 30-day average. The relative strength index was at 65.
Three out of the six analysts tracking xxx have a 'buy' rating on the stock, as many as one recommend a 'hold' and two suggest a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 13.5%.
Shriram Finance Jumps Over 4% As Stock To Replace UPL In Nifty 50; UPL Falls Nearly 2%
Shares of Shriram Finance Ltd. snapped their two day fall and jumped over 4% after the National Stock Exchange after its periodic review announced Wednesday that the NBFC will replace UPL in its Nifty 50 Index. The changes will be effective on March 28.
The scrip rose as much as 4.53% to Rs 2,455.10 apiece, the highest level since Feb 27. It pared gains to trade 1.97% higher at Rs 2,395 apiece, as of 09:55 a.m. This compares to a 0.1% advance in the NSE Nifty 50 Index.
It has risen 98.7% in the last twelve months. Total traded volume so far in the day stood at 0.90 times its 30-day average. The relative strength index was at 52.82.
Out of 37 analysts tracking the company, 35 maintain a 'buy' rating, one suggests hold and one suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 12%.
Meanwhile, shares of UPL fell in the third consecutive session today. The stock has lost 4.42% in the three day fall.
The scrip rose as much as 1.87% to Rs 467 apiece. It pared losses to trade 1.17% lower at Rs 470 apiece, as of 10:01 a.m. This compares to a 0.3% advance in the NSE Nifty 50 Index.
It has fallen 32.28% in the last twelve months. Total traded volume so far in the day stood at 0.39 times its 30-day average. The relative strength index was at 31.9.
Out of 32 analysts tracking the company, 18 maintain a 'buy' rating, seven recommend 'hold' and seven suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 19.9%.
GPT Healthcare Shares Debut At 16.2% Premium Over IPO Price
GPT Healthcare listed at Rs 216.15 apiece on the BSE, a premium of 16.2%% over their IPO price of Rs 186 apiece.
On the National Stock Exchange, the stock debuted at Rs 215, a 15.6%% premium.
Source: NSE and BSE
Stock Of The Day: Shriram Finance
Shriram Finance to be included in Nifty 50 index from March 28.
Key Levels To Watch
Support: Rs 2,240 (2-week low)
Resistance: Rs 2,535 (Life high)
Read more here.
TV18 Broadcast Shares Hit Lower Circuit
TV18 Broadcast Ltd., the media unit of Reliance Group, hit a low circuit of 4.95% to Rs 59.55 apiece, the lowest level since Feb 19. It continued to trade at a lower circuit as of 9:40 a.m. This compares to a 0.01% advance in the NSE Nifty 50 Index.
The stocks reacts after the company's parent, Reliance Industries signed a definitive binding pact with Walt Disney Co.'s India unit to merge its digital streaming and television business.
It has risen 86.68% in 12 months. Total traded volume so far in the day stood at 1.5 times its 30-day average. The relative strength index was at 45.1.
One analyst tracking the company maintains 'sell' rating, according to Bloomberg data.
Mphasis Launches gen-AI Powered Document Processor
Mphasis Ltd. launched gen-AI powered document processor DeepInsights Doc AI.
Product will help enterprise clients extract context-specific information from documents & integrate it with downstream IT systems.
Source: Exchange filing
JG Chemicals Sets IPO Priceband
JG Chemicals Ltd. set the IPO priceband at Rs 210-221 per share.
Bids to open on March 5, close on March 7, for retail investors
Source: Company statement
Reliance Industries Shares Rise On Merger Deal With Disney
Reliance Industries Ltd. has signed a definitive binding pact with Walt Disney Co.'s India unit to merge its digital streaming and television business.
Both the parties has signed the pact to form the joint venture through which they will merge entertainment businesses of Viacom18 and Star India Ltd through court-approved scheme , according to the exchange filing.
Reliance Industries will invest Rs 11,500 crore into the joint venture for its growth strategy. Disney may provide certain assets to the the joint venture, which is subject to regulatory approval.
Post the merger and acquisition, Reliance Industries will hold 16.34% stake in the joint venture, and 46.82% stake in Viacom18, and Disney will hold 36.84%, according to the exchange filing.
The joint venture between Reliance Industries and Disney is set to become the leading TV and Digital Asset across entertainment, said the company in the exchange filing.
The scrip rose as much as 1.59% to Rs 2,957.45 apiece, the highest level since Feb 28. It was trading 1.38% higher at Rs 2,951.45 apiece, as of 9:32 a.m. This compares to a 0.07% advance in the NSE Nifty 50 Index.
It has risen 37.59% 12 months. Total traded volume so far in the day stood at 1.5 times its 30-day average. The relative strength index was at 59.76.
Out of 33 analysts tracking the company, 27 maintain a 'buy' rating, four recommend a 'hold,' and two suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 8.9%.
Benchmark Indices Open Lower: Opening Bell
India's benchmark indices opened lower to extend the losses to the second straight session on Thursday, ahead of the country's quarterly GDP announcement. Nifty logged the biggest fall in 25 sessions on Wednesday.
At pre-open, the S&P BSE Sensex Index was down 84.3 points, or 0.12%, at 72,220.57 while the NSE Nifty 50 was 15.05 points or 0.07% lower at 21,935.2.
Technicals indicate a negative bias for Nifty and Bank Nifty, with today's trading session anticipated to be marked by volatility due to the monthly expiry of February F&O contracts, according to Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
Stocks in the Asia Pacific were trading mixed on Thursday following overnight losses on Wall Street as traders braced for key inflation data.
The Nikkei 225 was trading 151.08 points or 0.39% lower at 39056.05, and the S&P ASX 200 was trading 2.32 points or 0.03% down at 7658.10, as of 07:27 a.m.
US PCE index, Federal Reserve's preferred inflation gauge, is scheduled for release later today, which will provide clues for the central bank's monetary policy going ahead. The S&P 500 index and Nasdaq 100 rose by 0.17% and 0.55%, respectively as of Wednesday.
Shares of HDFC Bank Ltd., Infosys Ltd, Tata Consultancy Services Ltd., ICICI Bank Ltd., and Bajaj Auto Ltd. declined the most.
Meanwhile, Reliance Industries Ltd., Coal India Ltd., Larsen and Toubro Ltd. Bharti Airtel Ltd., and ITC Ltd., rose the most.
The sectoral indices opened mixed with Nifty IT and Nifty Auto declining the most. Nifty Energy, Nifty Oil and Gas advanced.
The broader markets underperformed larger peers; the S&P BSE MidCap Index was down 0.63%, and S&P BSE SmallCap Index was 0.86% lower.
Only one out of 20 sectors compiled by BSE advanced, with S&P BSE Utilities and S&P BSE Power declining the most.
The market breadth was skewed in the favour of the sellers. About 1757 stocks fell, 1081 advanced, while 98 remained unchanged on the BSE.
Sensex, Nifty Fall In Pre-Market Trade
At pre-open, the S&P BSE Sensex Index was down 84.3 points, or 0.12%, at 72,220.57 while the NSE Nifty 50 was 15.05 points or 0.07% lower at 21,935.2.
Yield On The 10-Year Bond Opens Flat
The yield on the 10-year bond opened flat at 7.06%.
Source: Bloomberg
Rupee Opens Stronger Against U.S. Dollar
The local currency strengthened by 4 paise to open at 82.89 against the U.S. Dollar.
It closed at 82.93 on Wednesday.
Source: Bloomberg
Motilal Oswal On Reliance Industries
Maintains 'Buy' on Reliance Industries at Rs 3,210 apiece target.
Deal to give Reliance larger pie in the media and entertainment business.
The JV to exclusive rights to distribute Disney films and productions in India.
Deal values JV at Rs 70,350 crore on post-money basis.
Tall task to fulfil the annual obligation from FY26.
Emkay On Reliance JV With Disney
New entity may alter the paradigm of the industry being the single-largest player in broadcasting and digital space.
RIL can also exploit its large user base in the telecom segment, with bundling of packs.
This dominant position can attract CCI’s scrutiny, which could be a speed breaker.
Does not anticipate major value accretion for RIL from this deal immediately.
The deal would hurt other industry players like Zee.
HSBC On India Autos
Maintains 'Hold' rating on Tata Motors with price target of Rs 920 per share.
Global demand in Europe, USA, and China grew by 14%, 12%, and 6%, respectively.
Share from top-4 premium OEMs (Audi, BMW,Mercedes, and JLR) in the UK still low at 22% in 2023 vs 25-26% in 2020-21.
JLR gained back some share among premium OEMs with sales increasing 24% and 17% in Europe and USA.
JLR discounts/incentives in U.S. have significantly increased but are still lower than competition.
Electrification globally reached 11% Vs 9% in 2023/2022, China leading with 24% share in 2023.
Motilal Oswal On JSW Infrastructure
Motilal Oswal initiates 'Buy' on JSW Infrastructure
Price target of Rs 300 per share, implying 22% upside.
Fastest growing port-related infrastructure company in last 5 years.
Cargo volumes increased by 42.7% CAGR to 92.8 MMT over FY21-23.
Strengthening market presence to lead 19% volume CAGR over FY23-36.
Expect overall Ebitda margin at 53-55% vs 50% over past three years.
Sees cash flow generation to remain strong despite acquisitions.
Top Headlines For The Day
SEBI asks mutual funds to protect investors in small and mid-cap funds as valuations skyrocket.
Airtel will take the lead in hiking telecom tariffs, says Sunil Mittal in an exclusive interview with NDTV profit.
Global markets fall ahead of U.S. inflation data, and crude oil markets await extension of production cuts by OPEC.
NSE revises methodology for inclusion of stocks in indices, shriram finance will replace upl in the Nifty 50 index.
India’s GDP expected to grow at 7% in FY24, the third quarter data will be released today.
Reliance and Disney to merge media businesses to create Rs 70,000 crore JV.
Swan Energy Raises Rs 3,320 Crore Via QIP
Swan Energy Ltd. raised Rs 3,320 crore via qualified institutional placement.
The issue price was set at Rs 670 per share, indicating a discount of 4.7% to the floor price.
Source: Bloomberg
Global Cues
U.S. Dollar Index at 103.94
U.S. 10-year bond yield at 4.28%
Brent crude down 0.13% at $83.57 per barrel
Nymex crude down 0.14% at $78.43 per barrel
GIFT Nifty was up 12 points or 0.05% at 22,132.5 as of 07:28 a.m.
Bitcoin was up 1.58% at $61,508.13
Most Asian Markets Trade Lower
F&O Cues
Nifty February futures down by 1.39% to 21,895 at a discount of 56.15 points.
Nifty February futures open interest up by 2.22%.
Nifty Bank February futures down by 1.75% to 45,772.75 at a discount of 190.4 points.
Nifty Bank February futures open interest down by 12.5%.
Nifty Options Feb. 29 Expiry: Maximum Call open interest at 22,200 and Maximum Put open interest at 21,500.
Bank Nifty Options Feb. 29 Expiry: Maximum Call Open Interest at 47,000 and Maximum Put open interest at 44,000.
Securities in ban period: Indus Tower, SAIL.
Trading Tweaks
Price band revised from 10% to 5%: Tata Investment Corp.
Ex/record dividend: Jupiter Wagons.
Ex/record Buyback: Bajaj Auto.
Moved into short-term ASM framework: Data Patterns.
Moved out short-term ASM framework: Aegis Logistics, Dilip Buildcon, HPL Electric & Power, Natco Pharma, and Nuvama Wealth Management.
Who’s Meeting Whom
Capri Global Capital: To meet analysts and investors on Feb. 29.
Dodla Dairy: To meet analysts and investors on March 5.
AAVAS Financiers: To meet analysts and investors on March 5.
Can Fin Homes: To meet analysts and investors on March 5.
Crompton Greaves and Electricals: To meet analysts and investors on Feb. 29.
AVG Logistics: To meet analysts and investors on March 3.
HDFC Bank: To meet analysts and investors on March 6.
Pledge Share Details
Jindal Steel and Power: Promoter Virtuous Trade Corp created a pledge of 39 lakh shares on Feb. 26.
IPO Offerings
Mukka Proteins: The company will offer its shares for bidding on Thursday. The price band is set from Rs 26 to Rs 28 per share apiece. The Rs 224-crore IPO is completely fresh issue. The company has raised Rs 67 crore from anchor investors.
Bharat Highways: The public issue was subscribed to 0.19 times on day 1. There are no bids by institutional investors and other investors bid 0.41 times.
Platinum Industries: The public issue was subscribed to 22.22 times on day 2. The bids were led by non-institutional investors (42.88 times), retail investors (25.56 times), institutional investors (0.9 times).
Exicom Tele-Systems: The public issue was subscribed to 27.78 times on day 2. The bids were led by retail investors (64.79 times), non-institutional investors (54.39 times), institutional investors (4.48 times).
New Listing
GPT Healthcare: The company's shares will debut on the stock exchanges on Thursday at an issue price of Rs 186 apiece. The Rs 525.14 crore IPO was subscribed 8.52 times on its third and final day. Bids were led by institutional investors (17.30 times), non-institutional investors (11.02 times), retail investors (2.44 times).
Stocks to Watch: RIL, UPL, Shriram Finance, Coal India, NTPC In Focus
Reliance Industries: The company will merge its media business with the Walt Disney India unit to create a Rs 70,352 crore joint venture. The company holds a 16.34% direct stake and 46.82% through Viacom 18. Disney will own a 36.84% stake.
UPL, Shriram Finance: The National Stock Exchange, after its periodic review, has decided to replace UPL with Shriram Finance in its Nifty 50 Index. The changes will be effective on March 28.
Coal India: The company signed a joint venture with BHEL for a coal-to-ammonium nitrate plant. The company will hold a 51% stake in the joint venture, while BHEL will hold a 49% stake in the JV.
NTPC: The company's unit signed a joint venture agreement with Maharashtra State Power Generation Company for the development of renewable energy parks in the state of Maharashtra.
Punjab and Sind Bank: The board approved fundraising of up to Rs 2,000 crore in one or more tranches in any combination within 12 months.
PB Fintech: The Insurance Regulatory and Development Authority of India has granted a Certificate of Registration to the company’s unit, Policy Bazaar Insurance Brokers. With the grant of a new Certificate of Registration, the category has been changed from Direct Insurance Broker to Composite Insurance Broker.
Wipro: The company completed the migration of ManpowerGroup's largest data centre in Europe to Microsoft Azure.
IIFL Securities: As part of the internal restructuring, the company’s unit has executed an agreement to sell its Alternate Investment Funds business by way of a slump sale to IIFL Securities Alternate Asset Management.
JSW Steel: The company incorporated JSW Green Steel as a wholly owned subsidiary in Mumbai.
Emami: The company made an investment of Rs 1.95 crore in Cannis Lupus Services to acquire a 30% stake.
KRBL: The company’s India Gate Basmati Rice eyes Rs 200 crore revenue with the regional rice revolution.
Kaveri Seeds Co.: The company's buyback starts on Feb. 29 and closes on March 6 for an aggregate maximum amount not exceeding Rs 325 crore.
Cyient: The company incorporated Cyient Global Captive Solutions as a wholly owned subsidiary.
ICICI Securities: The Securities and Exchange Board of India issues an administrative warning to the company in connection with the inspection of books and records for merchant banking activities.
KSB: The company reported revenue of Rs 602.6 crore and net profit of Rs 54.9 crore for Q3.
Jubilant Foodworks: The company’s unit DP Eurasia shares got delisted from the London Stock Exchange.
Linde India: The company made an investment of Rs 41.09 crore in Zenataris Renewable Energy.
Mangalore Refinery & Petrochemical: The Petroleum Ministry has approved the appointment of Mundkur Shyamprasad Kamath as the managing director.
Venus Pipes and Tubes: The company announced its foray into the fittings business and announced capacity expansion for seamless and welded pipes and tubes. The company announced a capex of Rs 175 crore.
Spandana Sphoorty Financial: The company's board is to meet on March 4 to consider and approve the issue and offer of non-convertible debentures on a private placement basis.
Other Stocks: The Nifty Next 50 Index will, from today, include Adani Power, Indian Railway Finance Corporation, Jio Financial Service, Power Finance Corporation and REC. The companies will be replacing Adani Wilmar, Muthoot Finance, PI Industries, Procter & Gamble Hygiene & Health Care, and Shriram Finance.
GIFT Nifty Trades Above 21,100
Stocks in the Asia Pacific were trading mixed on Thursday following overnight losses on Wall Street as traders braced for key inflation data.
The Nikkei 225 was trading 0.39% lower at 39056.05, and the S&P ASX 200 was trading 0.03% down at 7658.10 as of 7:27 a.m.
The US PCE index, the Federal Reserve's preferred inflation gauge, is scheduled for release later today, which will provide clues for the central bank's monetary policy going ahead. The S&P 500 index and Nasdaq 100 rose by 0.17% and 0.55%, respectively, as of Wednesday.
Bitcoin extended gains after surging above $60,000 for the first time in more than two years on Wednesday.
Brent crude prices were trading above $83 a barrel, and WTI crude was above the $78 mark. The yield on the 10-year U.S. bond was trading at 4.27%.
The GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India, was down 24.5 points, or 0.11%, at 22,096 as of 8:14 a.m.
India's benchmark equity indices closed over 1% lower on Wednesday as Reliance Industries Ltd. and bank stocks dragged the most.
The NSE Nifty 50 ended 247.20 points, or 1.11%, down at 21,951.15, and the S&P BSE Sensex closed 790.34 points, or 1.08%, lower at 72,304.88.
Overseas investors remained net sellers of Indian equities on Wednesday for the third consecutive session.
Foreign portfolio investors offloaded stocks worth Rs 1,879.2 crore; domestic institutional investors remained buyers and bought equities worth Rs 1,827.4 crore, the NSE data showed.
The Indian rupee weakened by 3 paise to close at 82.93 against the U.S. dollar.
Also Read: Airtel Will Lead Tariff Hikes To Maintain Healthy Valuations, Says Sunil Mittal — Exclusive
RECOMMENDED FOR YOU
L&T Bags Second 'Significant' Order In Two Days, This Time For Hydrocarbon Business
Oct 17, 2024
BSE Share Price Hits Life High As Arm Launches Three New Indices
Oct 07, 2024
RBI Monetary Policy: Status Quo Likely To Be Maintained For Tenth Straight Time
Oct 07, 2024
Stock Market Today: Nifty, Sensex Clock Worst Fall In Nearly Two Months As RIL, HDFC Bank Weigh
Oct 04, 2024
POPULAR